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Ener1, Inc. (NASDAQ: HEV), a leader in lithium-ion energy storage solutions, today announced a supply and distribution agreement with Lightning Motorcycles, the maker of the world's fastest production electric motorcycle. As part of the agreement, Ener1 will supply Lightning Motorcycles with its automotive-grade, lithium-ion battery cells -- designed for plug-in hybrid electric vehicles -- for use in its Lightning SuperBike. Ener1 will also supply cells for Lightning's commuter motorcycle and scooter, which will be developed over the next few years.
Consumer demand for e-bikes is expected to continue its growth trajectory. According to a 2010 report published by Pike Research, the global market for electric two-wheeled vehicles, including e-bikes, e-scooters, and e-motorcycles, will grow at a compound annual rate of nine percent through 2016. Lightning Motorcycles is expecting to answer some of that demand by first introducing a street-legal version of its record-holding Lightning SuperBike, which became the world's fastest production electric motorcycle with the FIM and AMA official world record of 173.388 mph during the world finals in October last year.
"We've tested many different battery solutions over the last year, including Ener1 and several of its competitors," stated Richard Hatfield, founder of Lightning Motorcycles. "The Lightning data and test results showed us that Ener1's lithium-ion batteries far out-perform those from competing companies, which is why we've switched to using their cells in our electric motorcycles. Lightning Motorcycles is committed to using what we believe to be the most powerful, safest, best-of-breed batteries on the market, which is why we're also extremely pleased to be representing Ener1 as an official distributor."
Lightning Motorcycles has been distributing electric parts and components for several years with a strong focus on and knowledge of serving the electric motorcycle and light-duty vehicle markets. In addition to the supply relationship, Lightning Motorcycles will also serve as an end-user distributor for Ener1's PHEV and EV lithium-ion cells.
"Lightning Motorcycles has an impressive pedigree in designing and developing electric motorcycles that win races, including the inaugural American TTXGP championship last year," stated Chris Cowger, president, Ener1, Inc. "It's that kind of experience that will help propel electric motorcycles to be on par with gas-powered motorcycles. We're pleased that Lightning has chosen Ener1's lithium-ion batteries to power their record-holding SuperBike, as well as future e-bike development projects. We also anticipate that Lightning's knowledge and relationships in the industry will help us sell more PHEV and EV cells and energy storage solutions into the growing e-bike market."
About Ener1, Inc.
Ener1, Inc. is a publicly traded (NASDAQ: HEV) energy storage technology company that develops compact, lithium-ion-powered battery solutions for the transportation, utility grid and industrial electronics markets. Headquartered in New York City, the company has nearly 700 employees with manufacturing locations in the United States and Korea. Ener1 also develops commercial fuel cell products and nanotechnology-based materials.
Safe Harbor Statement
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
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